Collaborative Robots Market growth is fueled by emergence of SMEs over the forecast timespan. These machines are highly efficient in these manufacturing companies by performing complex operations such as assembly, loading/unloading, packaging, sorting, dispensing, and polishing, which provide massive savings in terms of human efforts and the time for performing these operations. The emergence of gripper technology is driving the collaborative robots market growth as these components can mimic the versatility of a human hand. Such integrations are used in highly complex industrial operations such as manufacturing and production work. The implementation of AI with this technology is an emerging industry trend.
The technologies are highly susceptible to cyber and physical security threats. Malfunctioning and power surges can lead to injuries and loss of human life. However, these problems can be overcome while manufacturing by implementing efficient security systems that limit the force and power of clamps to prepare for the worst-case scenarios, increasing market share. Hand guiding these robots while performing complex operations on floors is an issue hindering the market growth.
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The systems move on commands received from controller units, which are sometimes missed, resulting in incorrect operations and damages to the products. These systems require regular technical upgrades, mandating companies to expend large financial funds and negatively impacting the collaborative robots market demand. SMEs and start-ups most often have limited funds and cannot afford timely system upgrades and repairs.
The U.S. is expected to witness large growth and revenue shares owing to the rapid adoption of the automation and robotics technology. Presence of major manufacturers of these systems and increasing investment power of companies to implement these systems in their environment, drive the collaborative robots market growth. Furthermore, the region also accounts for high labor cost and unavailability of efficient laborers for performing complex operations. India, China, and Japan in the Asia Pacific region is witnessing a high demand for these machines in the recent years. The market growth in China is due to the presence of a large number of manufacturing companies such as consumer electronics and e-commerce companies, which implement these systems in a number of tasks such as assembly, transportation, sorting, and packaging of products.
Collaborative Robots Market is driven by the increasing demand for robotics and automation technology in several industry verticals such as e-commerce, retail, and manufacturing sectors. Companies are increasingly implementing automated technologies as a replacement for human labor as they are affordable, easily trainable, and flexible as compared to humans, driving the collaborative robot market. The prices of sensors are declining continuously due to the high penetration of sensor manufacturers and their varied uses ranging from high-end to low-end applications, cutting down the total cost of manufacturing these technologies. The ease of training and the deployment of these systems as compared to traditional and bulky equipment is fueling the market growth.
The above 10 kg load capacity segment in the collaborative robots market is expected to account for the highest demand over the forecast period. The growth of this segment is credited to the high capacity of carrying loads, which reduce the number of cycles for performing loading, unloading, and transporting operations. Additionally, they also deliver higher bulk outputs as compared to the low payload capacity devices. The implementation of this segment requires a lesser number of similar systems as they can perform the task of two or more systems. The 5-10 kg load capacity systems are growing steadily in the market owing to their use in small manufacturers or warehousing companies, which do not have large bulks of products and complex operations.
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